The digital age has revolutionized every aspect of daily life, including how people go about conducting real estate business. Top Real Estate & Property Management Software with an exhaustive set of features has replaced traditional property management activities, saving all parties involved time and money. Property management bookkeeping software also brings increased transparency and trust to transactions with the added convenience of having all necessary information in one place. It is not surprising that the property management software market stood at USD 3.04 Billion in 2021 and is anticipated to register a CAGR of 5.6% by 2030.
Tables of Contents:
A market with such high growth potential is bound to attract multiple industry players to seek their share. And that is the case, making it a tough decision to choose the right one for customers. The numerous products come with lots of features, requiring you to thoroughly scrutinize them for their capability to fulfill your needs before purchase. Today’s advanced software can automate many functions of real estate and property management like
- Important Property Document Management
- Accounting and Other Financial Operations Management
- Tenant/lessor Management
- Rental Applications Screening
- Property Maintenance
- Inventory Tracking
- Marketing and Advertising Properties For Sale/Rent
- Facilitating Various Modes of Communication Between Concerned Parties
- Ticketing Fault Reports
Some other factors to consider before opting for a real estate management system are its pricing structure, underlying technology (such as cloud capability), how easily you can navigate its UI, and how well it can integrate other applications into it (like with project management software), geographical limitations (whether it covers local market only or international ones too), quality of customer support, and its mobile and web app user experience.
Here’s a look into the many popular property management systems of 2022, including each one’s pros and cons. Associated finance management software is present as well.
This is perhaps the first name anyone in the property management software market hears. Such is Buildium’s market positioning and value, earning the Best Commercial Property Management Software title.
Buildium is a cloud-based platform that provides several functions related to property management, real estate business operations, property and personal accounting, and leasing tools. Its easily navigable user interface enables you to access all vital functions with a few simple clicks/taps, whether on its mobile app or web portal.
The functions include property deals documentation approval, management of different communication modes between concerned parties, accounting, maintenance management, vendor and third-party services management, multi-property type portfolio management, related data analytics and reporting, community association management, etc.
- Brings all real estate/property management functions onto a single platform. The list of options here is exhaustive.
- 24×7 customer support
- Free trial for 14 days
- Tailored to support Small and Medium-sized businesses
- Anywhere availability due to cloud-based structure
- Supports Windows, Mac/iOS, and Android OS and integration of many applications
- Easy pricing structure with each plan covering Accounting, Maintenance, Tasks, Violations, Resident & Board Member Communications, and Online Portals.
- Expensive for individual users as it is for commercial users.
- The Basic Plan only covers ticket support and not even live phone calls.
Another popular real estate management system, Appfolio describes itself as a real-time property management solution. The platform seeks to streamline the usage of cloud tools for property managers with access to business metrics, multi-party communication via various channels, property maintenance tracking, and aiding vacant property advertising on the internet. Its rental support features include screening potential renters, processing rental applications, online rent collection, mobile inspections, the ability for renters to request maintenance requests, and a dedicated portal for owners to access reports and other statements.
- Reduces administration time by including all properties of various types on a single platform.
- Multiple communication channels for all stakeholders involved.
- AI support for automating tasks completely or partially
- Strong emphasis on business metrics; is data-driven.
- Owner’s portal for easier rental management
- Real-time monitoring of properties and quick updates
- Supports easy advertisement of properties in the market
- The focus is solely on property owners and managers, with a minimum property unit number being 50 for its basic Core plan.
- Is expensive as every property unit carries additional investment along with a monthly charge for each of the two plans-Core and Plus.
Formerly Syncbnb, Hosthub was created to support owners and property managers dealing with short-term vacation rentals. This unique rental property management software isn’t a full-fledged one like the others on this list. Instead, it helps synchronize your listing calendar present across various booking sites. It updates your calendar in real-time and comes with a guarantee of avoiding double bookings. Hosthub wants you to use it as an add-on to your existing software to reduce manual labor, double bookings, and other issues for your many properties.
- Simple, lightweight, and easy to use UI across mobile and web
- Allows you to build your booking website with a fully integrated booking engine.
- Supports over 200 channels
- Savings increase for every added property if you go with its annual plan.
- Has a 14-day free trial
- Is a cloud-based property management software
- Does not offer full-fledged property management features
- The need to use other platforms for the missing features can increase your overall expenses.
Yardi Voyager is the epitome of an exhaustive and comprehensive cloud-based property management software. It goes above and beyond that by stocking features in its service, with its USP being a long list of affiliate and subsidiary companies. You can manage all property types across locations. It has all the usual bells and whistles you can expect from such a service provider, including leasing management, realty operations management, workflow automation with AI support, data analytics and reporting, etc.
Its other notable features include centralized data access through its web-based dashboard, real estate accounting, compliance management, resident documentation and screening, and more. There’s also customization and third-party app integration. With its affiliates, it provides storage services (StorageCafe), an eCommerce site to shop for home and office supplies (Yardi Marketplace), property news (Multi-Housing News), etc.
- End-to-End real estate and property management across portfolios
- Individual affiliates facilitate Ala Carte-style usage of required services without going through the primary service.
- Plenty of documentation templates to choose from for all property usage situations.
- Works well for small, medium, and large property management agents.
- Secure accounting software for property investors and realtors, with PayScan automated invoice scanning and payable accounts workflow personalization.
- Easy integration with multiple third-party applications and data transfer.
- Unintuitive and laggy user interface due to its web-only access. No mobile app.
- Can be expensive, especially if you add affiliate services.
- UI requires a steep learning curve to manage successfully.
- Poor, unresponsive customer support.
Re-Leased is a residential and commercial property management software that is focused solely on leasing. It is a cloud-based, AI-driven software platform that covers all kinds of commercial properties like industrial, office, retail, and mixed assets. It provides a dashboard that works as a central hub for many related functions like property maintenance, task delegation to team members, collaboration, tenant communication and management, issue resolution, etc. This platform’s USP is its ability to integrate Google Calendar, Outlook, Microsoft 36, and other office applications. It is also known for the easy integration of Xero and Quickbooks bookkeeping software for realtors.
- Suitability for a range of property portfolios in the commercial space, including rental-residential.
- Excellent third-party application integration, especially for real estate bookkeeping.
- Ability to add any number of properties by paying per tenancy
- Available on computers and mobile devices via web and app.
- Stores data using enterprise-level security.
- Pricing can only be known by contacting the company.
- Focus on the commercial side of real estate.
Established in 1969 as Qube Global Software, MRI has an illustrious history of delivering comprehensive property management software support to enterprises. It boasts over 10,000 clients worldwide and works for commercial, residential, mixed-use, and student accommodation assets. Its vast feature set includes billing and invoicing, lease and rent-related function management, tax management, landlord and tenant database, rent tracking and transfer, insurance management, property maintenance and expense tracking, late fee calculation, etc. The downside is that you must contact the company to know the pricing.
Condo Control Central
This real estate management system is special because of its astute attention to detail. It offers the usual exhaustive list of property management functions as features like others in a dedicated management panel that you can customize and automate. But along with that, you get to log deliveries to your properties, manage resident parking permits, access incident reports, important records, and entry requests with heightened security features embedded into it. You can even send push notifications about your choice of events to your properties’ management staff, external service providers, clients, etc.
Whether the property market is going up or down, you need to have a good property management system to keep your real estate and property management functions in order. You can decide on the best one for your needs by considering their features and benefits along with their drawbacks to gain a comprehensive picture of their suitability. While it may take a while to master using some of these, it will pay off in the long run with efficient and transparent property management, yielding high ROIs for many years
Let a professional real estate bookkeeper handle your books.